My Fellow Singaporeans,
What a start to 2020 and a new decade!
We began the year with an uncertain outlook driven by US-China tensions, technological disruptions, decline in support for globalisation and more divided populations.
Within two weeks this escalated into an all-out global battle to contain the outbreak of COVID-19 (Coronavirus Disease 2019). The world economy will inevitably be affected and ours as well.
We can expect some tough challenges in the immediate future.
However, we have reason to be confident that we can get through this and come out stronger.
Our experience of SARS in 2003 prepared us for something like this and is standing us in good stead. We have plans that will not only see us through the current situation but also position us for the future. We have strong economic fundamentals. Our fiscal position is sound. As a country and as a people we have overcome many challenges together.
One of the most important things at our disposal to achieve these objectives is our National Budget. The Budget is our financial plan for the future and the deployment of finance where it will do the most good and help all Singaporeans prosper.
In preparing for Budget 2020, we have as part of the Singapore Together movement, engaged with Singaporeans through many platforms. We have listened to your concerns, feedback and your helpful suggestions. Much of your input has found its way into the upcoming Budget measures.
In Budget 2020 we will deploy our financial resources to:
- provide stabilisation and support
- transform our businesses and workforce so they can take advantage of new opportunities
- nurture and care for Singaporeans
- build, secure and sustain our home and nation.
Budget 2020 will also help Singaporeans with the cost of living and set out how we will keep costs manageable and affordable when the Goods and Service Tax (GST) is eventually increased. It is a comprehensive plan to address rising healthcare needs for our ageing population, improve and develop infrastructure and ensure environmental and financial sustainability for Singapore.
Above all, Budget 2020 is about staying united and working together. Our greatest strength is not our financial resources but our indomitable Singapore spirit. There is no limit to what we can achieve if we set our minds to it and pull together.
Stay healthy. Stay strong. Stay safe.
And look out for our Budget 2020!
People’s Action Party
14 February 2020